Nutrien May Raise Potash Output as Sanctions Curb Russia Supply
Reuters reports Nutrien is weighing further increases to potash production as sanctions continue to limit shipments from Russia and Belarus, interim Chief Executive Ken Seitz said on Tuesday.
Prices of crop nutrients such as potash have skyrocketed as sanctions against Russia for its invasion of Ukraine have disrupted already tight supplies.
The price increases have raised concerns about food shortages as some farmers apply less fertilizer while boosting profits for producers including Nutrien and Mosaic Co.
Nutrien is assessing the duration of the Ukraine conflict to determine whether there is a need to ramp up production, Seitz said. Combined, Russia and Belarus last year accounted for more than 40% of global potash exports, one of three critical nutrients used to boost crop yields.
In March, Nutrien said it planned to increase output by nearly 1 million tonnes to about 15 million tonnes this year in response to supply uncertainty from Eastern Europe.
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